Cardano Price Prediction: New Report shows ADA Whale Activity skyrocketing – Is it time to buy?
A blog post from crypto analytics firm reveals that the trend is up. SantimentSince February, whale transactions on Cardano’s blockchain have experienced a huge spike. The number of ADA transactions exceeding $100,000 in USD has risen to 2,000 every day over the last few weeks. The number of transactions exceeding $100,000 per day in the months preceding February was rarely more than 500.
Cardano is experiencing a boom in ADA whale transactions at an exciting time. First, the crypto market rally which began earlier in the year has ended as of Wednesday, 22nd.nd The world’s eighth largest cryptocurrency was boosted by more than 50% in February. A number of important milestones in the Cardano ecosystem’s development have been reached, including the launch Djed, an overcollaterized USD pegged algorithmic stablecoin that is expected to attract capital inflows to Cardano as Decentralized Finance (DeFi), investors seek new ways to generate yield.
Cardano Price Prediction – Where Next for ADA
The ADA/USD traded at $0.38 per token when it was last changed. This is down 10% from the $0.42s monthly highs. Cardano is facing selling pressure due to a sharp drop in crypto prices Wednesday.
Crypto is following the lead of US stocks. They are falling lower amid 1) more evidence of an imminent earnings recession after the latest Walmart earnings and Home Depot earnings; and 2) continuing concerns that equity investors have been underestimating the Fed’s willingness to continue interest rate increases this year.
ADA bears will be watching for a test of 50DMA at $0.36s. This coincides well with this year’s uptrend. Cardano has a great chance to rebound towards its recent highs if it can find support there. A test of the recent double bottom, just below $0.3450, is possible.
Is it the right time to buy cardano now?
Guy Turner, creator of the popular cryptocurrency news channel Coin Bureau, said that he would vote for ADA in a recent interview with The Daily Hodl. Turner pointed out that Cardano had made significant progress in recent months, pointing out the Vasil upgrade. He then said that he enjoys “the fact there are many more upgrades”, which includes Hydra, which is mainly focused on scaling.
Turner also mentioned the strength of Cardano’s community as one reason he likes cryptocurrency. He explained that there is a Cardano community that is dedicated and he likes it. “These projects… need users to survive.”
ADA Alternatives to Take into Account
ADA is clearly a cryptocurrency that has a lot long-term potential. Traders looking to make quick gains might prefer other high-potential tokens such as those that are being sold in presale and promising future crypto projects. The following list contains the top 15 most popular cryptocurrencies in 2023. We have reviewed the best candidates. Cryptonews Industry Talk team.
This list is updated every week with new altcoins or ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players, and is not part of Cryptonews.com’s editorial content.